The liquidity staking protocol Drop announced an orderly shutdown and the cancellation of TGE and airdrops.
TL;DR
Drop Protocol is shutting down due to unsustainable development, canceling TGE and airdrops. It will ensure a transparent shutdown and continue support for some assets like dATOM and dNTRN.
Tags
PANews reported on November 14th that Drop Protocol, the liquid staking protocol within the Cosmo ecosystem, announced that due to the current ecosystem direction and market conditions, its sustainable development path is no longer feasible, and it will be shut down in an orderly manner after evaluation. The shutdown process will be responsible and transparent, taking into account the interests of all parties. Some Drop assets still have active applications in the DeFi field, and efforts will be made to ensure service continuity in high-adoption areas. Meanwhile, Drop will no longer pursue token generation events (TGE) and airdrops related to the Droplets program, and is exploring distributing protocol revenue to participants in these programs as a form of reward; specific distribution methods and application details will be announced separately. Currently, Drop is in a smooth transition phase, including all dAssets. dTIA and deINIT will gradually cease service, withdrawals will be reopened with a timeline announced in advance, and dATOM and dNTRN will continue to be supported.
In October of last year, it was reported that the liquid staking protocol DropProtocol completed a $4 million seed round of financing, led by CoinFund .